Quaterra ResourcesInc. is selling its remaining 35% stake in the Herbert Glacier gold project in Alaska, to jointventure partner Grande Portage ResourcesLtd.
Under the deal announced July 14, Grande Portage will issue 1,182,331shares that are equal to 9% of its issued share capital, and pay C$250,000 withinthree months of receiving a feasibility study on the property or in the event ofits sale.
In addition, Grande Portage will have to arrange a C$1 millionfinancing by issuing additional shares required to maintain Quaterra's interestat 9%.
Upon closing, Grande Portage will assume any and all obligationsrelated to Quaterra's stake in the joint venture agreement.
Separately, Quaterra completed the sale of its 50% interest in the Nieves silver project in Mexico after receivingthe final C$1 million tranche.
In December 2014, Quaterra inked the sale deal with joint venturepartner Blackberry Ventures I LLC for the sale of its 50% stake in Nieves for US$4million.
The company no longer holds any interest in assets in Mexico.